Williams, Owen - Campbell, CA

Under the automatic disciplinary provisions of the Institute’s bylaws, Mr. Williams’ AICPA membership was suspended for three years, effective September 24, 2013, in connection with the Securities and Exchange Commission’s (SEC) disciplinary action. Specifically, the SEC suspended Mr. Williams from appearing or practicing before the Commission as an accountant with the right to apply for reinstatement after three years from the effective date of the SEC’s Order. This decision was based on allegations, that among other things, while serving as the CFO of a “Corporation”, Mr. Williams caused the “Corporation” to improperly recognize revenue on interest from borrowers where the borrowers were not paying the “Corporation” and where the borrowers’ impaired financial condition meant that collectability was not reasonably assured.